Posted by Commercial property insurance is very important, especially when it comes to the protection of your properties and ensuring the longevity of your business. There are several property insurance firms out there, but if you are the type that likes trimming your budget, then you should look out for the cheapest commercial property insurance companies and choose from them.
To help you save time and money, we’ve deemed it our responsibility to provide you with the most affordable commercial property insurance companies whose services and products are of high quality and have your best interests at heart. So let’s get started.
To start with, let’s first understand what commercial property insurance is all about.
What is Commercial Property Insurance?
Commercial property insurance is a type of insurance policy that helps prevent businesses from going bankrupt.
It helps prevent businesses from losing assets such as buildings, equipment, inventory, and other important properties from physical damages and risks such as theft, vandalism, or even fire outbreaks.
Nevertheless, certain losses are not covered by commercial property insurance. Some of the examples are damages that are caused by floods, earthquakes, and acts of terrorism.
This is because these incidents are considered acts of nature and outside the control of a business owner. However, you could still purchase separate insurance for these incidents.
While considering the cheapest commercial property insurance companies, it’s important to take into account some of the factors that contribute to the cost of this coverage. Hence, we’ve taken a brief moment to discuss what these factors are. Just take a look at them.
Factors that Influence the Cost of Commercial Property Insurance
The following are the factors that affect the pricing of commercial property insurance:
1. Location
The location of your business plays a major role in determining the cost of property insurance. Let’s take, for instance, businesses that are located in areas with higher crime rates or have higher risks of natural disasters are more likely to experience losses, hence they pay more for insurance.
2. Type of Business
Some types of businesses are more likely to pay higher premiums compared to others.
Let’s take a restaurant, for instance. There is a higher chance of a restaurant catching fire compared to a cement depot. Hence, a restaurant owner will be required to pay a higher premium when purchasing a commercial property insurance plan.
3. Size of Business
Businesses of larger sizes have more assets to protect, which makes them more likely to file a claim if something goes wrong.
On the other hand, smaller businesses have smaller assets to protect; hence, they are required to pay less for their property insurance coverage.
4. Amount of Coverage
Businesses pay more premiums when they want more coverage. That is the more your coverage, the more premium you pay.
This is because insurance companies view businesses that have more coverage as having a higher risk of loss.
5. Safety Features
Businesses that have some features, such as fire extinguishers, alarms, and the like, are likely to pay lower premiums compared to those that don’t.
This is because these features can help reduce the risk of loss and the amount of damage that may occur if something goes wrong.
Let’s now dive into the most affordable commercial property insurance.
Criteria for Selecting the Cheapest Commercial Property Insurance
Selecting the best affordable commercial property insurance requires a careful evaluation of certain key factors.
Hence, below are the criteria that have been taken into account to determine the rankings of the insurance companies:
- Cost
- Deductible.
10 Cheapest Commercial Property Insurance
The following is a list of the most affordable commercial property insurance companies:
- AmTrust Financial
- Chubb Insurance
- The Hartford
- Travelers Insurance
- CNA Insurance
- Liberty Mutual
- AIG
- Hiscox Insurance
- Nationwide
- Allstate.
Overview of the Cheapest Commercial Property Insurance
1. AmTrust Financial
- Year Founded: 1998
- Location: USA
Pros:
- Amtrust has a large network of providers across all over the world.
- They have a wide range of coverage options
- Their rates are good and competitive
- They have 24/7 customer service to always attend to your concerns
- This company’s claims process is very smooth and easy.
Cons:
- Their premiums could be said to be higher than those of their competitors
- Not all their policies are available online.
Description: This is a new insurance firm that was founded in the late 1990s. AmTrust Financial offers commercial property insurance policies for both big and small businesses.
They are one of the most popular insurance firms and are well known for their affordable rates and extensive coverage.
VISIT2. Chubb
- Year Founded: 1882
- Location: USA, Switzerland
Pros:
- Irrespective of your size, this firm has you covered
- They have flexible options for supplemental coverage
Cons:
- You can purchase their plan online, but it must be through an agent
- You cannot have online access to their quotes
Description: Ask for reliable insurance for property owners, and you will have Chubb. This insurance company is one of the largest insurance companies in the world.
They have affordable policies and are widely known for their good customer service.
VISIT3. Hartford
- Year Founded: 1810
- Location: USA
Pros:
- They have Policies for both small and large businesses
- Their online quote is very fast
- They have been in business for over 200 years. So they are reliable.
Cons:
- Some of their policies are not available online
- They have less experience with larger businesses
Description: Hartford is a renowned insurance company that offers a wide range of commercial property insurance policies.
They are known for providing affordable but quality insurance coverage. Talk of easy-to-reach customer service and they are on the top list.
VISIT4. Travelers Insurance
- Year Founded: 1864
- Location: USA
Pros:
- They have a wide range of coverage options
- Their online platform is very comprehensive
Cons:
- Some of their policies have strict eligibility requirements
- They don’t have 24/7 customer service
Description: Being one of the largest commercial property insurance providers, they offer an extensive number of coverages, which include standard policies and customizable policies for businesses in different industries.
They strive to provide the best possible experience for their customers. This insurance company is very affordable, especially for commercial property business owners.
VISIT5. CNA Insurance
- Year Founded: 1897
- Location: UK
Pros:
- CNAs have very strong financial stability
- Their payment options are numerous, which makes it easier for you to transact
- They have fast claims processing
Cons:
- Their insurance coverage is not available in every area
- May not offer as many discounts as some competitors
- They have higher premiums compared to their competitors
Description: Let us now talk about CNA Insurance. CNA is a global insurance company that offers commercial property insurance policies for businesses of all sizes, including small businesses as well as large corporations.
This is one of the most financially stable insurance companies, and it is very affordable too.
VISIT6. Liberty Mutual
- Year Founded: 1912
- Location: USA
Pros:
- They have high customer satisfaction ratings
- Their premiums are very affordable
- They offer several discounts to their customers
Cons:
- Their premiums can be a bit high compared to their competitors
- they have a claims process
Description: Liberty Mutual is one of the largest insurance companies in the world. They are known for their strong financial position and offer a variety of commercial property insurance policies, including standard policies and customizable policies for businesses in specific industries.
Also, they offer fast-response customer service in case you want to contact their support.
VISIT7. AIG
- Year Founded: 1919
- Location: UK
Pros:
- This insurer has a strong financial rating
- A broad range of coverage options
- Numerous resources for policyholders
- Their pricing is very affordable and Competitive
Cons:
- Their claims process may be a bit complicated at times
- They don’t have a good number of customers
- May not be available in all areas
Description: AIG is a large, multinational insurance company that offers extensive commercial property insurance policies.
It has a strong reputation for being affordable and is committed to providing customers with the best possible service.
VISIT8. Hiscox
- Year Founded: 1901
- Location: UK
Pros:
- They have low pricing
- Their customer service has a very good reputation
- Easy online quoting and policy management
Cons:
- They have a limited number of coverage options compared to their competitors
- They may have higher premiums than some competitors
Description: This is an insurance firm that is located in London, UK. Hiscox offers a wide range of commercial property insurance policies for businesses and individuals.
They have flexible insurance policies and affordable plans.
VISIT9. Nationwide
- Year Founded: 1925
- Location: USA
Pros:
- Their policies are tailored for different business types and sizes
- They have a full range of coverage options available
Cons:
- They have limited online quoting tools
- They are not available in many areas
Description: Another affordable insurance option on our list is Nationwide. This is one of the largest insurance companies in the United States, and it has branches in different countries.
They offer an extensive number of insurance policies and demonstrate a strong financial position. Nationwide has reliable customer service and is very affordable.
VISIT10. Allstate
- Year Founded: 1931
- Location: USA
Pros:
- Allstate has a strong reputation for customer service
- They have a good range of coverage options
- Their online policies are very easy to understand and manage
Cons:
- Compared to other insurers, their premiums are a bit higher
- The claims process may be more complicated than some competitors
- They are not available in many locations or areas.
Description: Allstate is among the top and most affordable commercial property insurance companies, and it is known for its strong financial position and its commitment to customer service.
VISITFAQ on the Best Affordable Commercial Property Insurance Companies
What is Commercial Property Insurance?
Commercial property insurance is a type of insurance policy that prevents businesses from losing assets such as buildings, equipment, inventory, and other important properties from physical damages and risks such as theft, vandalism, and fire outbreaks.
How much does commercial property insurance cost?
The cost of commercial property insurance can vary depending on several factors, including the location of your business, the type of business, the value of your property, and the coverage you choose. It's best to get a quote from a commercial insurance agent to get an accurate estimate.
Do I need both commercial property insurance and general liability insurance?
Well, commercial property insurance is designed to cover the unique needs of businesses, while homeowners insurance is designed for personal residences. Commercial property insurance provides more comprehensive coverage.
Can I get a discount on my commercial property insurance?
Sure, you can get a discount on financial property insurance.
How can I reduce the cost of my commercial property insurance?
There are some ways you can get commercial property insurance. You can always have some discussion with your insurance agents to get the different quotes available.
Conclusion
There are several different companies that offer commercial property insurance, each with its unique policies and offerings.
So, when choosing a policy, it’s important to consider the company’s financial strength, the coverage options available, and the cost of the policy.
In addition, it’s important to carefully go through the company’s policy to make sure you understand the different plans before you sign up.
We Also Recommend:
10 Best Affordable Pet Insurance
20 Best Cheap Car Insurance For Young Female Drivers